At a price of $25, a store can sell 28 picture frames a day. If the price falls to $20, the store can sell 35 picture frames a day. Using the initial-value method, the price elasticity of demand is:
举一反三
- Suppose that the demand for picture frames is elastic and the supply of picture frames is inelastic. A tax of $1 per frame levied on picture frames will decrease the effective price received by sellers of picture frames by
- You can ask a store to sell a product for the same lower price as another store. This is called a ________________. A: mark down B: must-buy C: 2 4 1 D: price match
- The price seems to _____________ (波动）from day to day.
- For a horizontal demand curve, A: the slope is undefined, and the price elasticity of demand is equal to 0. B: the slope is equal to 0, and the price elasticity of demand is undefined. C: both the slope and price elasticity of demand are undefined. D: both the slope and price elasticity of demand are equal to 0.
- Suppose that 500 candy bars are demanded at a particular price. If the price of candy bars rises from that price by 10 percent, the number of candy bars demanded falls to 480. Using the midpoint approach to calculate the price elasticity of demand, it follows that the_________.